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Cedar Cove MHRV Resort 1501 Slate Hill Rd 173 Unit Mobile Home Park $7,600,000 ($43,931/Unit) Mooresburg, TN 37811
Investment Highlights
- MHC-style - Annual leases, tenant-owned units, zero park-owned inventory, no transient turnover, & most of units with permanent structures attached
- Stable property w/ strong cash-flow and significant value add including: higher rates, operating sites year-round, convert uncovered sites to covered
- Location leverage - 1 hour to Knoxville; the Tri-Cities, Great Smoky Mountains NP, Pigeon Forge, Gatlinburg, and Dollywood all within roughly an hour
- Irreplaceable waterfront - direct Cherokee Lake frontage, one of TN's largest reservoirs, with private marina, dock, ramp, beach, and boat storage
- Additional value add: add mini storage, add new dock, renovate storage space in resort office to additional amenities or apartment, add a transfer fee
Executive Summary
Colliers Manufactured Housing & RV Group, serving as the exclusive agent for the Owner, presents the offering to acquire the Cedar Cove Resort, a 173-total site long-term seasonal RV resort located on Cherokee Lake in Mooresburg, Tennessee. Positioned on the US-11W corridor roughly one hour northeast of Knoxville.
Almost all sites are leased on annual agreements to tenants who own their RVs and park models, and have made many site upgrades including skirting. There are no park-owned units, no nightly rentals, and none of the turnover or operating intensity of a transient campground. The result is a durable, twelve-month income stream, similar to a mobile home park.
The seller has been steadily advancing rents, demonstrating both the depth of demand for lakefront living in East Tennessee and the pricing power of the resort.
With stabilized occupancy, in-place professional management, and contractual annual leases, Cedar Cove offers new ownership day-one cash flow with clearly identified paths to grow: including adding storage, covering the remaining uncovered sites, adding new docks, opening up more year round sites, growing rents, etc.
Almost all sites are leased on annual agreements to tenants who own their RVs and park models, and have made many site upgrades including skirting. There are no park-owned units, no nightly rentals, and none of the turnover or operating intensity of a transient campground. The result is a durable, twelve-month income stream, similar to a mobile home park.
The seller has been steadily advancing rents, demonstrating both the depth of demand for lakefront living in East Tennessee and the pricing power of the resort.
With stabilized occupancy, in-place professional management, and contractual annual leases, Cedar Cove offers new ownership day-one cash flow with clearly identified paths to grow: including adding storage, covering the remaining uncovered sites, adding new docks, opening up more year round sites, growing rents, etc.
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Property Facts
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Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $40,300 | |
| Land Assessment | $0 | Total Assessment | $40,300 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$40,300
Total Assessment
$40,300
Contacts
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Mike Nissley -
Richard Knapp -
David Nissley -
Colliers Manufactured Housing & RV Group
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